A Prime Southern California multi-tenant retail property ideally located on the Southwest corner of Main Street and Westminster Avenue just two ...
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OFFERING MEMORANDUM
Westm
inster
Avenu
Main Stre
et
e
A Prime Southern California multi-tenant retail property ideally located
on the Southwest corner of Main Street and Westminster Avenue just
two blocks from the Pacific Ocean in world-renowned Venice, CA
brandonmichaelsgroup.com
Contents
INVESTMENT ADVISORS
04
Brandon Michaels
Senior Managing Director of Investments
Senior Director, National Retail Group
Tel: 818.212-2794
brandon.michaels@marcusmillichap.com Executive
CA License: 01434685
Summary
Matthew Luchs
First Vice President Investments
COO of The Brandon Michaels Group
Tel: 818.212.2727
12
matthew.luchs@marcusmillichap.com
CA License: 01948233
Andrew Leff
First Vice President Investments
Property
Director, National Retail Group
Tel: 818.212.2815 Overview
andrew.leff@marcusmillichap.com
License #01865688
20Area
Overview
The Offering
Executive A Prime Southern California multi-tenant retail property ideally
located on the Southwest corner of Main Street and Westminster
Avenue just two blocks from the Pacific Ocean in world-renowned
Summary Venice, CA
The Brandon Michaels Group of Marcus & Millichap has been selected
to exclusively represent for sale 1303-1305 Main Street, a 3,625 square
foot multi-tenant retail property ideally situated on 8,447 square
feet of land on the Southwest corner of Mani Street and Westminster
Avenue just two blocks from the Pacific Ocean in Venice, California.
1303-1305 Main Street consists of two retail carrying costs during the planning and
buildings situated on two separate parcels, entitlement process. The perimeter of the
allowing an owner-user the ability to property reaches three streets, allowing
purchase one or both properties to utilize for efficient and flexible construction,
for their own business use. The subject with the potential to build mixed-use
property is located on the southwest apartments, condos with commercial
corner of Main Street and Westminster space, or retail and/or office. The location
Avenue, and stretches from Main Street is phenomenal, as Venice has been known
to Innes Place on the west, featuring over to attract north of 10 million visitors per
109 feet of frontage on Main Street, 102 year and is considered the 2nd largest
feet of frontage on Innes Place, and 80 tourist attraction in Southern California.
feet of frontage on Westminster Avenue.
The subject property offers excellent 1303-1305 Main Street is in a spectacular
parking in a sub-market notorious for its location with a walk score of 93 – truly a
lack of parking. 1303 Main Street features Walkers Paradise. The subject property
ten stacked parking spaces while 1305 is walking distance from the Venice
Main Street features eight parking spaces, Boardwalk, Muscle Beach, the Venice
offering a total of eighteen parking spaces, Beach Skatepark, the Venice Public Art
a parking ratio of 4.97 per 1,000. Walls, Windward Plaza, and Abbot Kinney
Boulevard, in addition to a wealth of
From a development perspective, the popular eateries.
property is occupied by tenants on
short term or month-to-month leases,
which creates an income stream to offset
4 1303-1305 Main Street Executive Summary 5
PLAYA DEL REY
VE
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LS
ICE A
CAN
MARINA
PACIFIC OCEAN
PENINSULA
MARINA DEL REY
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VE
vd
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AT
shing
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E BREAKW
W Wa
Blvd
Venice
A LLS
VE N
Ma CE
W
in S PU B L I C ART
I
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EN
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C
V
ICE BEA
er Ave Pac
ific
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Venic stm
Westminster
We
Avenue Elementary
School
Electric
Ave Abbot Kinney Blvd
Ele
ctri
6 1303-1305 Main Street cA 7
VENICE ve Executive Summary
6t
h
investment highlights investment highlights
WORLD RENOWNED VENICE, CA LOCATION EXCELLENT UNDERLYING
JUST TWO BLOCKS FROM THE BEACH DEMOGRAPHICS AND DENSE
• Corner location with excellent visibility and IMMEDIATE POPULATION IN THE
frontage TRANSCENDENT VENICE, CA SUB-
• Ideally located two blocks from the Pacific Ocean MARKET
• Venice has been known to attract north of 10 • This dense affluent immediate sub-market
million visitors per year benefits from over 30,600 people within one
mile of the property, 172,000 within three miles
• Venice Beach is considered the 2nd largest tourist of the property, and 430,000 within five miles of
attraction in Southern California the property
• Walking distance to the Venice Boardwalk, Venice • There are over 16,100 households located
Skate Park, Muscle Beach, Windward Park, Abbot within one mile of the property, 87,000 within
Kinney, and the Venice Public Art Walls three miles, and 203,700 within five miles of the
property
• Walking distance from popular eateries such as
Eggslut, Tocaya Modern Mexican, and Groundwork • Average household income within one mile
Coffee Co. VENICE CANAL HISTORIC DISTRICT of the property surpasses $142,200, $138,500
within three miles, and $135,000 within five miles
UNIQUE OFFERING WITH SHORT TERM LEASES of the property
VENICE BEACH PRESENTS A MULTITUDE OF POTENTIAL OPTIONS
• The subject property consists of two retail buildings
located on two separate parcels, allowing an owner-user
the ability to purchase one or both properties to utilize for
their business
• Excellent Parking with a total of eighteen parking spaces,
a parking ratio of 4.97 per 1,000
• Dense Foot Traffic with a walk score of 93 – Truly a
Walker’s Paradise
• Potential Development Site with frontage on three streets
and a stable income stream to offset carrying costs during
the planning and entitlement process
• Tenants are on short term or month to month leases,
creating the opportunity to occupy, stabilize, or develop VENICE BOARDWALK
on the property
8 1303-1305 Main Street Executive Summary 9
NEARBY AMENITIES
Restaurants
1. Groundwork Coffee Co.
parcel map
Zelda’s Corner
2. The Wee Chippy
MARINA DEL REY
3. Ben & Jerry’s
4. The Sidewalk Cafe
ER
VE
VE
N
LS
5. Turn Dough IC
AT
A
N
ICE
CAN E BREAKW
6. Teddy’s Red Tacos
3 Venice Blvd
7. Eggslut
9
8. High Rooftop Lounge EN
H
C
V
8 ICE BEA
9. The Win~Dow Venice 2 7
Gran
Boardwalk d Blv
d 6 5
Retail 1
e
1. Bank of America
Av
4
ra
vie
2. USPS
Ri
3. Farmer’s Market
Pac
ific
3
Ave
2 SANTA MONICA
PIER
Westminster Ave 1
Westminster
Avenue Elementary
t
School
in S
VENICE VENICE BEACH
Ma
LOS ANGELES
INTERNATIONAL
AIRPORT
10 1303-1305 Main Street Executive Summary 11
Property 1305 MAIN STREET
Building SF: 1,420 SF
Overview
1303 MAIN STREET
Building SF: 1,675 SF
12 1303-1305 Main Street Property Overview 13
property summary - 1303 MAIN ST property description rent roll
LOCATION TENANT SF SF% LEASE START LEASE EXP RENT RENT/SF
1301-1303 (Concrete Images Inc) 1,675 100% 4/6/09 4/30/11 M2M $8,000.00 $4.78
Address 1303 Main Street 1303 Main Street
Venice, CA 90291 TOTAL 1,675 100% $8,000.00 $4.78
Venice, CA 90291
Price $3,400,000 SITE
The property is located on
Building Size 1,675 SF the SW intersection of Main
Street and Westminster
Lot Size 3,674 SF Avenue.
BUILDING SIZE
Price/SF (Building) $2,030
1,675 SF
Price/SF (Land) $925
LOT SIZE
3,674 SF
Parking 10 Spaces; 5.97 per 1,000 SF
PARKING
Current Occupancy 100%
10 Parking Spaces; A Parking
Ratio of 5.97 Parking Spaces
Year Built 1941 per 1,000 SF
APN Number 4238-011-034 ZONING
C4-1
Specific Plan Venice Coastal Zone
(Subarea North Venice)
TRAFFIC COUNTS
Zoning C4-1 Main Street: Over 13,000
Vehicles Per Day
14 1303-1305 Main Street Area Overview 15
rent roll
property summary - 1305 MAIN ST property description TENANT SF SF% LEASE START LEASE EXP RENT RENT/SF
LOCATION 1305 A (Music Production Ofc) 720 51% 4/1/15 4/30/16 M2M $5,000.00 $6.94
1305 B (Dry Cleaner) 700 49% 6/19/17 6/30/22 $5,621.92 $8.03
Address 1305 Main Street 1305 Main Street
Venice, CA 90291 TOTAL 1,420 100% $10,621.92 $7.48
Venice, CA 90291
Price $2,950,000 SITE
The property is located on
Building Size 1,420 SF the SW intersection of Main
Street and Westminster
Lot Size 4,774 SF Avenue.
BUILDING SIZE
Price/SF (Building) $2,077
1,420 SF
Price/SF (Land) $618
LOT SIZE
4,774 SF
Parking 8 Spaces; 5.63 per 1,000 SF
PARKING
Current Occupancy 100%
8 Parking Spaces; A Parking
Ratio of 5.63 Parking Spaces
Year Built 1941 per 1,000 SF
APN Number 4238-011-035 ZONING
C4-1
Specific Plan Venice Coastal Zone
(Subarea North Venice)
TRAFFIC COUNTS
Zoning C4-1 Main Street: Over 13,000
Vehicles Per Day
16 1303-1305 Main Street Financial Analysis 17
property PHOTOS 18 1303-1305 Main Street Property Overview 19
venice, california
Area A collection of the world’s most innovative
merchants, chefs, and creative companies
Venice embodies the Southern California
spirit - attracting visitors and transplants
from all over the world. Known as the
Angeles in 1926. The Venice Beach
Boardwalk, also known as Ocean
Front Walk, is the second most-visited
Overview
hub of creativity and artistic expression, destination in Southern California, with
housed in the Venice, California.
the cool, innovative, and successful come an average of over ten (10) million
to soak up the sun and experience all the visitors per year from all over the world.
unique sights that make Venice special. The Venice Beach Boardwalk stretches
From luxurious homes along the Venice over two (2) miles and hosts hundreds of
canals to the bohemian lifestyle found street vendors and performers along with
along Venice Beach, Venice is a place for numerous privately owned restaurants
anyone looking to live, work and play and food venues.
in this one-of-a-kind, culturally diverse
seaside community. Venice is adjoined on the northwest by
Santa Monica, on the northeast by Mar
Venice Beach is a beach-front Vista, on the southeast by Culver City,
neighborhood located in Los Angeles, Del Rey and Marina Del Rey, on the south
California. It was founded as a seaside by Ballona Creek and on the west by the
resort town back in 1905 and was Pacific Ocean.
independent until it merged with Los
20 1303-1305 Main Street Area Overview 21LOCATION OVERVIEW NEARBY ATTRACTIONS
Venice, CA is a world-renowned Southern California destination
known for its canals, expansive beaches, and iconic boardwalk which OCEAN FRONT WALK
contribute to the city’s status as the biggest tourist attraction in Los Ocean Front Walk is Venice’s most famous attraction. The east side of the wide
Angeles, which attracts over 15 million tourists annually concrete boardwalk is lined with souvenir shops, restaurants and residences. On
the other side, colorful locals assemble daily in an orderly lineup of conspiracy
1303-1305 Main Street is ideally located within world-famous Venice, CA, the
city which serves as the biggest tourist attraction in greater Los Angeles. Venice theorists, freaky fortune-tellers and polished performance artists.
is home to Abbot Kinney Boulevard, Venice Boardwalk, and the Venice Canals.
The city is surrounded by substantial development in nearby Mar Vista and Marina VENICE CANALS
Del Rey.
The Venice Canal Historic District is a district in the Venice section of Los Angeles,
1303-1305 Main Street is the epitome of a walkable location, within several blocks of California. The district is noteworthy for its man-made canals built in 1905 by
the property are several popular destinations such as the Venice Boardwalk, Venice developer Abbot Kinney as part of his Venice of America plan. Kinney sought to Abbot Kinney Boulevard Venice Canals
Skate Park, Muscle Beach, the Venice Art Walls, Abbot Kinney, and Windward Park.
recreate the appearance and feel of Venice, Italy, in Southern California. Winding
There are a number of popular eateries in the surrounding area such as Eggslut, Tocaya
Modern Mexican, Groundwork Coffee Co, and Ben & Jerry’s. through a neighborhood of picturesque houses, the canals feature arched bridges
and great LA photo-ops. The district is now listed on the National Register of
The property is located less than one mile from popular Abbot Kinney Boulevard, a mile Historic Places.
long strip of popular restaurants, shops, and galleries reflecting the unique qualities of Venice.
Popular restaurants on the street include Abbot’s Pizza Company, Blue Bottle Coffee, Greenleaf,
Salt & Straw, and The Butcher’s Daughter. The property is walking distance from the beach, and ABBOT KINNEY BOULEVARD
is located near popular Venice Boardwalk, an over 2-mile strip which regularly hosts hundreds of Abbot Kinney Boulevard is a well-known shopping destination located between
street vendors and performers alongside restaurants and food venues. The boardwalk takes you
along a number of amenities such as the skate plaza, sport courts, and Muscle Beach. One-half
Main Street and North Venice Boulevard. It is one of L.A.’s only “walking” streets
mile from the property is the Venice Canals, four canals which are about one quarter mile long each, and has become a destination for shoppers in search of unique fashion and home
originally built by Abbot Kinney as part of Venice of America. The canals are touted as a popular décor finds. Handmade furniture stores, vintage clothing sellers, surf shops,
attraction to both tourists and locals alike. perfumeries and bookstores make this area as eclectic as any in Los Angeles. Venice Pier Muscle Beach
A former hangout for artist types and other hipsters, the area maintains its
Neptune Marina is located one- and one-half miles from the subject property, and features 526 residential
units. The project is comprised of a series of five-story buildings, containing a mix of one-, two- and three- underground vibe while catering to an affluent clientele.
bedroom apartments. The $300-million project hosts ample amenities, reservable Kayaks and Bicycles,
paddle board and kayak storage, a game room, two fitness centers, and skydecks with outdoor Chef’s kitchens.
In neighboring Marina Del Rey, 1 mile from the subject property, is the 585-unit development of AMLI Marina Today, Venice is known for its canals, beaches, and
Del Rey. The $300-million residential project is located at 4242 Via Marina, and contains units ranging from 643
to 2,240 square feet. There are 8,000 square feet of commercial space within the six buildings which front the the circus-like Ocean Front Walk, a pedestrian-only
promenade that features performers, mystics, artists
Marina. Amenities include poolside spas and cabanas, three roof decks, kayak loaners, kayak storage, and a two-
story fitness center.
This dense affluent immediate sub-market benefits from over 30,600 people within one mile of the property, 172,000
within three miles of the property, and 430,000 within five miles of the property. There are over 16,100 households
and vendors.
Marina Del Rey Santa Monica
located within one mile of the property, 87,000 within three miles, and 203,700 within five miles of the property. Average
household income within one mile of the property surpasses $142,200, $138,500 within three miles, and $135,000 within
five miles of the property.
22 1303-1305 Main Street Area Overview 23DEVELOPMENT MAP & PIPELINE
Development Pipeline Map
Subject Property
Under Construction
Completion
9
10
4
7 6
11 1
5
2
3
8
PROPERTY NAME DEVELOPER UNITS STORIES START YEAR FINISH YEAR
1 1550 Lincoln Boulevard 1550 Lincoln Blvd, Santa Monica, CA 90401 WS Communities 100 5 2018 2021
2 2903 Lincoln Boulevard 2903 Lincoln Blvd, Santa Monica, CA 90405 CIM Group 47 4 2021 2022
3 AMLI Marina Del Rey 4242 Via Marina, Marina del Rey, CA 90292 AMLI Residential 585 5 2015 2021
4 Broadway & Cloverfield 1450 Cloverfield Blvd, Santa Monica, CA 90404 LaTerra Development 49 3 2019 2022
5 Catherine Santa Monica I 800 Colorado Ave, Santa Monica, CA 90401 Century West Partners 90 5 2018 2020
6 Catherine Santa Monica II 1625 Lincoln Blvd, Santa Monica, CA 90401 Century West Partners 192 5 2019 2021
7 Junction Santa Monica 1641 Lincoln Blvd, Santa Monica, CA 90404 Cypress Equity Investments 66 4 2018 2020
8 Neptune Marina 14126 Marquesas Way, Marina del Rey, CA 90292 Legacy Partners 526 5 2017 2020
9 Santa Monica & Yale 2822 Santa Monica Blvd, Santa Monica, CA 90404 LaTerra Development 50 3 2020 2022
10 The Millennium Santa Monica 2929 Pennsylvania Ave, Santa Monica, CA 90404 The Dinerstein Companies 356 5 2016 2020
11 The Park 500 Broadway, Santa Monica, CA 90401 Witkoff 249 7 2019 2022
TOTAL 2,310 51 - -
24 1303-1305 Main Street Area Overview 25VENICE, CA DEMOGRAPHICS DEMOGRAPHICS
TOP EMPLOYMENT BY OCCUPATIONS
The 2000 U.S. census counted 37,705 residents in the
3.17-square-mile Venice neighborhood—an average of
11,891 people per square mile, about the norm for Los
MEDIAN AGE
Angeles; in 2008, the city estimated that the population
38
VENICE, CA Arts, Design & Business & Financial
51% 49%
TOTAL POPULATION had increased to 40,885. The median age for residents Management Entertainment Operations
35,873
was 35, considered the average for Los Angeles; the
MALE FEMALE percentages of residents aged 19 through 49 were
among the county’s highest. 21.1% 11.6% 11.6%
EDUCATION Forty-nine percent of Venice residents aged 25
and older had earned a four-year degree by 2000,
a high figure for both the city and the county. The
percentages of residents of that age with a bachelor’s
Office & Administrative
degree or a master’s degree was considered high for Sales Support
the county.
9% 19% 41% 26% The median yearly household income in 2008 dollars 11.5% 10.8%
High School Some College or Bachelor’s Degree Master’s Degree was $67,647, a high figure for Los Angeles. The
Associat’es Degree or Higher percentage of households earning $125,000 was
considered high for the city.
26 1303-1305 Main Street Area Overview 27DEMOGRAPHICS BY RADIUS
$142,217 430,079 203,740 MID-CITY
WEST LOS ANGELES
Average HH income Population Households
within a 1-mile radius within a 5-mile radius within a 5-mile radius
72,181 9131,723 33,029
Owner Occupied Housing Renter Occupied Housing Businesses
within a 5-mile radius within 5-mile radius within a 5-mile radius
1-MILE 3-MILE 5-MILE
2021 Population 30,649 172,019 430,079
2021 Households 16,188 87,053 203,740
2021 Average Household Size 1.8 1.9 2 Main St
Annual Growth 2021-2026 -0.1% 0% 0%
2021 Median Age 42.4 42.5 40.5
2021 Owner Occupied Households 4,621 27,776 72,181
2021 Renter Occupied Households 11,451 59,261 131,723
2021 Average Household Income $142,217 $138,504 $135,024
2021 Median Household Income $110,466 $108,451 $104,593 Pa
cifi
cA
Businesses 2,032 14,525 33,029 ve
28 1303-1305 Main Street Area Overview 29brandonmichaelsgroup.com INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 brandon.michaels@marcusmillichap.com CA License: 01434685 Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 matthew.luchs@marcusmillichap.com CA License: 01948233 Andrew Leff First Vice President Investments Director, National Retail Group Tel: 818.212.2815 andrew.leff@marcusmillichap.com License #01865688
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